Smurfit Kappa, the paper and packaging giant, has agreed a £43.5 million deal (€60 million) to buy Inspirepac, a UK-based print business, from the Logson Group. The deal is expected to close in the next two months.

Inspirepac operates about four plants in the north of England, has earnings of about £6 million, while Smurfit Kappa predicts further cost savings of about £1.2 million will be achieved in the first year.

“The transaction will further enhance Smurfit Kappa’s market leading position in the UK market, and build on our existing capabilities in the high quality print and point of sale market segments,” the company said.

Tony Smurfit, Smurfit Kappa's chief operating officer, linked the acquisition to its 'Open the Future' global brand campaign: "[Inspirepac has] built excellent businesses in many product and customer sectors which will ... support our continued drive to 'Open the Future' within the UK packaging market."

Meanwhile, Smurfit Kappa is maintaining its silence over reported rumours of an estimated €8 billion potential approach by US company International Paper to buy the Irish company.

The group is hosting an investor day in Amsterdam this week, although Smurfit Kappa indicated on Wednesday morning that it is unlikely to address the takeover rumours at the event.

“No material new information will be disclosed during these events,” it said, referring to the investor day.